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AMERICAS
Gamut Capital-backed Davis-Standard, a supplier of extrusion and converting systems agreed to acquire Extrusion Technology Group, an extrusion equipment and services company, from Nimbus, a private equity firm. Financial terms were not disclosed.
"We have long admired ETG's capabilities and highly engineered products and are thrilled to welcome ETG into the Davis-Standard family of brands. The acquisition of ETG will be highly complementary and diversifying to our fast-growing enterprise, and we believe it will allow Davis-Standard to provide a broader and deeper product portfolio to our customers. We intend to establish the ETG business as a standalone segment that will continue to serve its base of customers with additional support and capabilities from the broader Davis-Standard platform. We believe that the combination of our world-class engineering capabilities, our global scale, and the sharing of best practices will only enhance our ever-expanding value proposition in the extrusion value chain," Giovanni Spitale, Davis-Standard CEO.
Davis-Standard is advised by Current Capital, Deutsche Bank and Kirkland & Ellis. Debt financing is provided by BMO Capital Markets, Citizens M&A, Deutsche Bank, Stifel, UBS and Wells Fargo Securities. Gamut Capital is advised by Prosek Partners. Nimbus is advised by Lincoln International and Allen & Overy.
X-energy, a developer of commercial nuclear energy reactors, and Ares Acquisition, a special purpose acquisition company, mutually terminated a $1.8bn SPAC merger.
"I am deeply proud of the remarkable business that the X-energy team has built, and I am confident in the company's future as a global clean energy leader. Both X-energy and AAC recognize the challenges presented by the current financial market environment and the opportunity for X-energy to continue forward as a private company. I remain confident in X-energy's attractive value proposition, and I appreciate the support we have received from AAC and other investors. X-energy is as committed as ever to delivering clean, safe and secure energy solutions that can meet the demand from communities around the world," Kam Ghaffarian, X-energy Founder and Executive Chairman.
KKR, a private equity firm, completed the acquisition of Simon & Schuster, a printing services company, from Paramount, a mass media and entertainment conglomerate, for $1.62bn.
"This is an exciting moment for us—both a return to our roots as a standalone company and an opportunity for all of us to forge a new path together. With KKR's resources and support, we intend to become an even stronger company and a more dynamic force in our industry, while still maintaining our well-established record of editorial excellence and independence, and our unceasing focus on doing the best for our authors and their books. I know that we will build on that legacy going forward," Jonathan Karp, Simon & Schuster President and CEO.
A consortium of investors including Greenbacker Capital, Sunstone Credit, IGS Ventures and Cross River Bank, agreed to acquire Sunlight Financial, a technology-enabled point-of-sale finance company. Financial terms were not disclosed.
"We are excited for Sunlight's future. Our agreement and transaction with our current partners and the consortium is a strong vote of confidence in Sunlight's platform and the company's growth prospects. Sunlight will emerge from this process in a stronger position, with the resources to invest in our platform and our people, both in service of our partners," Matt Potere, Sunlight Financial CEO.
Sunlight Financial is advised by Alvarez & Marsal, Guggenheim Partners and Weil Gotshal and Manges. The consortium is advised by Locke Lord. Cross River Bank is advised by Piper Sandler and Paul Weiss Rifkind Wharton & Garrison.
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EagleTree Capital, a private equity firm, completed the acquisition of MMGY Global, an integrated marketing firm, from Peninsula Capital, a private investment company. Financial terms were not disclosed.
"We are deeply impressed with MMGY Global's data-driven approach to travel marketing and PR. Katie, Clayton and the entire team have built an impressive platform which is helping evolve the face of travel. We look forward to working with them to help expand the business to its full, global potential," Michael Struble, EagleTree Senior Partner.
MMGY Global was advised by BrightTower, PricewaterhouseCoopers, Foley & Lardner and RSM International. EagleTree was advised by Alvarez & Marsal and Jones Day (led by Andrew M. Levine).
AMETEK, a provider of industrial technology solutions, agreed to acquire Paragon Medical, a provider of highly engineered medical components and instruments, from American Securities, a private equity firm, for $1.9bn.
"We are excited for the opportunity to acquire such an outstanding business. Paragon meaningfully expands our presence in the MedTech space and provides us access to attractive new market segments with strong growth rates. Its products and capabilities nicely complement AMETEK's existing medical businesses enabling geographic and customer expansion opportunities," David A. Zapico, AMETEK Chairman and CEO.
Paragon is advised by Jefferies & Company and Piper Sandler. American Securities is advised by Hunton Andrews Kurth, Weil Gotshal and Manges (led by Ryan Taylor and Douglas P. Warner) and Prosek Partners.
Hubbell, a company that designs, manufactures, and sells electrical and electronic products, agreed to acquire Systems Control, a manufacturer of substation control and relay panels, from Comvest Partners, a middle market private equity and credit investment firm, for $1.1bn.
"This acquisition enhances Hubbell Utility Solutions' industry-leading franchise across utility components, communications and controls. Systems Control has a strong track record of financial performance and is highly complementary to Hubbell's portfolio, enabling us to deliver additional value to our core utility customers while enhancing our overall growth and margin profile for shareholders," Gerben Bakker, Hubbell Chairman, President and CEO.
Systems Control is advised by Harris Williams & Co, Lincoln International and McDermott Will & Emery. Hubbell is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz (led by Joshua Cammaker and John L. Robinson).
Instructure, a learning platform and maker of Canvas, agreed to acquire Parchment, a software company, for $835m.
"This acquisition represents an important next step for Instructure to serve all learners, beginning in K-12 and continuing throughout their lifelong learning journey. By adding Parchment to the Instructure Learning Platform, we will provide a verifiable and comprehensive digital passport of achievement records and outcomes for learners. Together we expand the Instructure platform for existing customers, welcome new Parchment customers and open new pathways for growth with multiple new solution categories," Steve Daly, Instructure CEO.
Parchment is advised by Macquarie Group, Robert W Baird and Latham & Watkins. Instructure is advised by JP Morgan and Kirkland & Ellis.
Wilshire, a global financial services firm, agreed to acquire Lyxor Asset Management, an investment advisor, from Amundi, an asset manager. Financial terms were not disclosed.
"The alternatives space is a key area of strategic focus for Wilshire and an important part of many investment portfolios. This acquisition furthers our goal of delivering innovative alternative investment solutions to our client base and will provide Lyxor US clients with access to Wilshire's asset allocation and investment research insights, portfolio construction capabilities, and more. Together with Lyxor US's leading alternatives platform and talented team, we will have an enhanced ability to deliver compelling investment opportunities for our clients," Jason Schwarz, Wilshire Deputy CEO and President.
Wilshire is advised by Solomon Partners, Kirkland & Ellis and Prosek Partners. Amundi is advised by PJT Partners and Clifford Chance.
Treasury Wine Estates, a wine company, agreed to acquire DAOU Vineyards, a family owned and operated winery, for $1bn.
"The US is the world's largest wine market and we're beyond thrilled to add DAOU to our portfolio, cementing our position as a global luxury wine leader. This is a transformative acquisition that will accelerate the growth of our luxury portfolio globally and paves the way for new luxury consumer experiences. DAOU is an award-winning luxury wine business with an outstanding track record for growth and we have grand plans for DAOU to become the next brand with the international scale and luxury credentials of Penfolds. With DAOU, we will be well-positioned to connect with a new generation of wine lovers, combining tradition with innovation, culture-led experiences, and global distribution," Tim Ford, Treasury Wine Estates CEO.
DAOU Vineyards is advised by Centerview Partners and Sheppard Mullin Richter & Hampton (led by Stephanie Zeppa). Treasury Wine is advised by PJT Partners and Davis Wright Tremaine.
General Atlantic, a growth equity firm, led a $200m Series B round in QI Tech, a direct credit company approved by the Brazilian Central Bank, with participation from Across Capital.
"This new partnership lays the foundation for the size of the opportunity we are pursuing. We plan to use the new capital to strengthen our leadership position in Brazil, keeping an eye on potential local opportunities and executing an aggressive growth strategy for each business unit," Pedro Mac Dowell, QI Tech Founder and CEO.
QI Tech was advised by JP Morgan, Vinci Partners and Freitas Leite. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew W. Abbott and Ellen N. Ching).
Wellspring Worldwide, a software products provider, agreed to acquire Sopheon, an enterprise software and services company, for $140m.
"Sopheon continues to deliver on its key growth and transformation objectives, demonstrated in particular by significant and sustained increases in SaaS ARR, supported by continued high retention performance. In parallel we have delivered substantial investment in growth initiatives and M&A that expand our product offering, geographical footprint and market opportunity, while maintaining cashflow discipline and EBITDA performance. Our strong balance sheet continues to support our ability to execute with confidence. We expect the impact of increased investments in both marketing and product to contribute to a stronger sales pipeline in the second half of the year and beyond, in support of our growth objectives," Andy Michuda, Sopheon Executive Chairman.
Sopheon is advised by Cavendish Corporate Finance (led by Henrik Persson) and Squire Patton Boggs. Wellspring is advised by Raymond James (led by Junya Iwamoto) and King & Spalding.
IKS Health, a global healthcare solution provider, completed the acquisition of AQuity Solutions, a clinical documentation services provider, for $200m.
"Healthcare is in crisis, one that is deepening from all sides. Financial instability, large-scale staffing challenges, and the precarious health status of so many Americans all call for deeper, more comprehensive solutions that address these root issues. Delivering better, safer care is everyone's top priority—but too often, the 'chores' of healthcare get in the way of that core purpose. To help turn the tide amidst this state of crisis, we firmly believe that revitalizing the clinician-patient relationship and helping our partners thrive financially are both fundamental," Sachin K. Gupta, IKS Health Founder and CEO.
IKS Health was advised by Sage Growth Partners.
Percheron Capital, a private equity firm, completed the acquisition of SafeBasements, a foundation repair and basement waterproofing services company. Financial terms were not disclosed.
"The SafeBasements team has built an impressive business as demonstrated by their consistent organic growth, dedicated employee base and differentiated operating model. We look forward to partnering with Deb and combining her impressive track record of scaling home services businesses with Percheron's essential services expertise and deep operational capabilities to support SafeBasements' next phase of growth," Chris Lawler, Percheron Co-Founder and Managing Partner.
Percheron was advised by Joele Frank (led by Woomi Yun).
Canadian Tire, a group of companies that includes a retail segment, completed the acquisition of the remaining 20% stake in Canadian Tire Financial Services, a financial services company, from Scotiabank, a multinational banking and financial services company, for $895m.
"This move enables us to expedite key elements of our Triangle Rewards strategy to stay relevant to customers' changing needs and expand our credit card program to unlock even greater value for shareholders," Greg Hicks, Canadian Tire President and CEO.
IDEX, a provider of applied solutions and serves niche markets, agreed to acquire STC Material Solutions, an integrated provider of advanced material science solutions from Artemis, a fund manager, for $206m.
"STC Material Solutions expands our growing expertise in material sciences and offers significant opportunities to collaborate with other IDEX critical components businesses on comprehensive solution sets for customers. We see STC as an excellent fit with our growth strategy, possessing IDEX qualities throughout, including highly-engineered products developed and built with expertise that commands a premium. We continue to prioritize the identification and completion of high-quality acquisitions like this. Our extended M&A team has developed a strong funnel of excellent prospective additions that will continue to put our strong balance sheet to work," Eric Ashleman, IDEX CEO and President.
US Innovative Technology Fund and Riot Ventures, two investors, led a $200m in Series F round in Shield AI, a defense technology company building AI pilot for aircraft, with participation from ARK Invest, Disruptive and Snowpoint.
"We're building the world's best AI pilot to ensure air superiority and deter conflict because we believe the greatest victory requires no war. This funding accelerates the scaling of Shield AI's products, enabling the deployment of intelligent, affordable mass—the most important non-nuclear deterrent for the next 30 years," Brandon Tseng, Shield AI President and Co-Founder.
Ryan Specialty, an international specialty insurance firm, agreed to acquire AccuRisk, a medical stop loss managing general underwriter. Financial terms were not disclosed.
"Dan and the AccuRisk team are proven leaders in the medical stop loss space, having built one of the largest independent medical stop loss MGUs. Moreover, the AccuRisk team shares our vision to develop a comprehensive integrated health solution, providing retail brokers with a 'one stop shop' for self-insurance needs. Together Ryan Specialty and the AccuRisk professionals will be able to accelerate the rate of innovation in the employee benefits industry," Patrick G. Ryan, Ryan Specialty Founder, Chairman and CEO.
Accenture, a professional services company, agreed to acquire OnProcess Technology, a provider of supply chain managed services. Financial terms were not disclosed.
"In recent years, supply chains have risen to one of the most important business functions on the CEO agenda. In today's environment, the challenge is to drive cost efficiency while continuing to embed and accelerate resiliency. This is why we see the focus on supply chain operations as a vital source of competitive advantage. With OnProcess and its highly qualified professionals, we are strengthening our ability to help organizations in their supply chain reinvention efforts, enabling them to leverage domain talent, data and processes, to transform operations successfully," Melissa Twiningdavis, Accenture Senior Managing Director of Supply Chain Operations.
JetBlue-Spirit merger trial tests US airline deal crackdown.
While investors consider approval of the deal to be a long shot, the trial set to start Tuesday before a federal judge in Boston comes at a critical time for the industry. Domestic low-cost carriers have cut service as fares slide and travel slows, while antitrust regulators crack down on airline consolidation after decades of lax enforcement.
Lilly to pay Beam up to $600m for DNA-editing tech.
Eli Lilly is buying rights from Beam Therapeutics to develop and sell treatments for heart disease that make use of an experimental gene-editing technology, Bloomberg reported.
Lilly will pay Beam $200m upfront and make a $50m equity investment in the company. Lilly, which has deep expertise in heart disease, will pay as much as an additional $350m if the programs hit certain goals.
Western Digital to split flash memory unit, refinance debt.
Western Digital said it would spin off its flash memory business that has been grappling with a supply glut after talks of merging the unit with Japan's Kioxia stalled, and also announced a fresh capital raise to refinance some of its debt, Reuters reported.
The split will leave the data storage products maker with its traditional hard-disk drive business and create two publicly traded firms, giving into demands from activist investor Elliott, which said it supports the move.
Zynex weighs strategic options including possible sale.
Zynex has initiated a process to review potential strategic alternatives that could include a sale, Bloomberg reported.
The medical device manufacturer is working with Cantor Fitzgerald to evaluate options, which may include any take-private offers, a merger, divestiture, recapitalization or any other transaction.
Pipe and fittings distributor MRC Global explores potential sale.
MRC Global, a pipe and fittings distributor in the cross hairs of activist investor Engine Capital, is exploring a sale, Bloomberg reported.
The Houston-based company is working with financial advisers to seek interest from potential buyers. MRC has drawn interest from private equity firms.
Oil sector megadeals open fee gusher for Goldman and Morgan Stanley.
Two megadeals that will reorder the US energy industry have raised hopes of a gusher of advisory fees in an otherwise moribund M&A market and set up a battle between the sector’s leading banks: Morgan Stanley and Goldman Sachs, Financial Times reported.
Gene therapy-focused Lexeo Therapeutics eyes $126m IPO.
Gene therapy-focused biotechnology firm Lexeo Therapeutics unveiled plans for an estimated $126m IPO, represented by Cooley and underwriters counsel Paul Hastings, joining a thin IPO pipeline for November.
New York-based Lexeo told regulators it plans to offer 9m shares priced between $13 and $15, raising $126m at midpoint.
Trivest closes largest fund at its $1.3bn hard cap. (FS)
Trivest Partners announced the closing of Trivest Recognition Fund at its hard cap with over $1.3bn of total capital commitments that will seek to generally invest in platform companies with EBITDA above $15m.
Despite a crowded private equity fundraising market, Trivest received significant support from both its established investor base and a number of new investors. The Fund includes a diversified mix of limited partners including endowments, corporate and public pensions, insurance companies, funds of funds, family offices and individuals, including more than 40 founders and CEOs of current and former Trivest investments. Recognition represents Trivest’s twelfth institutional private equity fund and brings Trivest assets under management to approximately $5.5bn.
Exxon names new shale oil chief to replace executive facing assault charge. (People)
The former head of Exxon Mobil's shale oil and gas business will return as senior vice president over the company's most important US oil operation following his successor's arrest earlier this month, Reuters reported.
Bart Cahir, who was promoted a year ago to run an internal services unit called Global Business Solutions, will do a second turn as senior vice president of Upstream Unconventional, effective on November 1.
BlackBerry CEO John Chen to exit with software company planning split. (People)
BlackBerry CEO John Chen will leave the software company this week, ending a decade-long tenure that failed to deliver a turnaround in its fortunes, Bloomberg reported.
BlackBerry made the announcement on October 30 after the market closed, confirming an earlier report by The Globe and Mail newspaper. Richard Lynch will take the helm as chair and interim CEO while the company searches for a permanent replacement.
EMEA
TDR Capital-backed Asda Group, a supermarket chain, completed the acquisition of UK and Ireland operations from EG Group, a retailer which operates filling stations, convenience stores and fast-food restaurants, for £2.07bn ($2.5bn).
"This is a great day for Asda and for millions of UK consumers. Asda is a much-loved brand that is instantly recognised for great value. I could not be more proud or excited that the iconic Asda sign is now coming to hundreds more communities," Mohsin Issa, Asda Co-Owner.
Asda was advised by PricewaterhouseCoopers, Eastdil Secured, JP Morgan, Lazard, Morgan Stanley, PJT Partners, Rothschild & Co (led by Christian Savvides), Addleshaw Goddard, Allen & Overy (led by Annette Kurdian and John Kicken), Kirkland & Ellis (led by Aneeq Durrani and Stuart Boyd), Latham & Watkins (led by Francesco Lione) and FGS Global (led by Rollo Head). TDR Capital was advised by Barclays. EG Group was advised by Skadden Arps Slate Meagher & Flom (led by George Knighton) and FGS Global.
DIF Capital, an infrastructure fund manager, and EDF Invest, a private equity firm, agreed to acquire Fjord 1, a floating bridge operator from, Vision Ridge, a sustainable real assets investor, and Havila, an investment company. Financial terms were not disclosed.
"We're very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway. We look forward to working with our partner EDF Invest and the company's management team to continue to invest in new vessels as Fjord1 continues to grow its electrified fleet to support the energy transition of the ferry industry," Gijs Voskuyl, DIF Partner.
DIF Capital and EDF Invest are advised by Roland Berger, Cantor Fitzgerald, Deutsche Bank, Jefferies & Company, PricewaterhouseCoopers, Allen & Overy, Wikborg Rein and Arup. Vision Ridge and Havila are advised by Rothschild & Co and Ropes & Gray. Vision Ridge is advised by Gasthalter & Co (led by Amanda Shpiner).
EU antitrust regulators said they cleared Hitachi's $1.8bn bid for Thales' GTS railway signalling business on condition the Japanese company sells assets in France and Germany, as it offered to do so.
"With this major strategic move, we will be able to focus on the development of our 3 high-tech long-term growth businesses, each of them able to sustainably deliver double-digit margins - Aerospace, Defense & Security, and Digital Identity & Security - further strengthening their best-in-class market position," Patrice Caine, Thales Chairman and CEO.
Hitachi is advised by Deutsche Bank, Perella Weinberg Partners, Clifford Chance (led by Laurent Schoenstein) and Machado Meyer Sendacz e Opice Advogados (led by Maria Eugenia Novis). Thales is advised by Lazard, August Debouzy, BDGS Associes, Baker McKenzie and Levy & Salomao Advogados.
Zegona Communications to acquire Vodafone Spain from Vodafone Group for $5.3bn. (FS)
Zegona Communications, an investor, agreed to acquire Vodafone Spain, a mobile telecommunications operator in Spain headquartered in Madrid, from Vodafone Group, a technology communications company, for $5.3bn.
"The sale of Vodafone Spain is a key step in right-sizing our portfolio for growth and will enable us to focus our resources in markets with sustainable structures and sufficient local scale. I would like to thank our entire team in Spain for their dedication to our customers and relentless determination to improve our organic performance. However, the market has been challenging with structurally low returns," Margherita Della Valle, Vodafone CEO.
Vodafone is advised by Evercore, Morgan Stanley, Robey Warshaw and Slaughter & May. Zegona is advised by Llorente Y Cuenca (led by Valvanera Lecha) and Tavistock Communications (led by Jos Simson).
Accenture, a professional services company, agreed to acquire 6point6, a UK technology consultancy specializing in cloud, data, and cybersecurity. Financial terms were not disclosed.
“Today is a proud moment for everybody at 6point6. Since inception, our goal has been to build a leading technology consulting firm where the brightest talent in the industry can make brilliant ideas happen for our clients. Today’s announcement represents the next phase of our growth story. In Accenture, we’ve found a partner that thinks, acts, and delivers in the same way that we do. I’m excited at what we can achieve together in the future,” Nefyn Jones, 6point6 CEO.
Blackstone sells stake in €4bn Spanish hotel chain to GIC. (FS)
Blackstone Group is selling a stake in Spanish hotel group Hotel Investment Partners to Singaporean sovereign wealth fund GIC, in a move that will provide capital for the business to expand at a time when borrowing costs are soaring, Financial Times reported.
GIC will acquire a 35% stake in the company in a deal that values HIP at more than €4bn ($4.2bn).
Siemens Energy weighs sale of Indian stake to Siemens.
Siemens Energy is considering selling a substantial part of its 24% stake in a listed Indian affiliate to former parent Siemens as part of efforts to shore up its balance sheet, Bloomberg reported.
The German turbine maker may announce the divestment of shares in Mumbai-listed Siemens as early as this week. The entire holding is worth about €3.3bn ($3.5bn) based on October 10’s closing price, equivalent to around half of Siemens Energy’s market value.
Germany nears €3bn deal in push to merge power grids.
Germany’s government plans to buy a 25% stake in transmission system operator TransnetBW from majority owner EnBW Energie Baden-Wuerttemberg, a move that will support its aim of consolidating the nation’s power grids, Bloomberg reported.
The acquisition worth €3.2bn ($3.4bn) will be carried out through a call option by the state-owned bank KfW.
GSK to pay $1bn for exclusive license to J&J's hepatitis B therapy.
GSK will pay about $1bn for exclusive rights to further develop and commercialize Johnson & Johnson's hepatitis B therapy, Reuters reported.
Exclusive rights to the therapy will fuel the expansion of GSK's own hepatitis B treatment, bepirovirsen, which is currently in late-stage development.
OMV is actively in talks with ADNOC on chemicals business merger.
Austrian multinational integrated oil, gas and petrochemical company OMV is actively in negotiations with the state-owned Abu Dhabi National Oil Company about a possible merger of their chemicals business, Reuters reported.
The deal, if realised, would include a merger of petrochemicals group Borealis - which is owned by OMV and ADNOC in a 75:25 split - and Borouge, which is 54:36 owned by ADNOC and Borealis.
STC reportedly drops plan to up stake in Spain's Telefonica to 9.9%.
Saudi telecoms group STC is seeking to keep its current 4.9% stake in Spain's Telefonica and no longer plans to convert the 5% it holds in derivatives into voting shares, Reuters reported.
In September, Saudi Arabia's largest telecoms operator amassed a 9.9% stake worth €2.1bn ($2.23bn) in a move to become Telefonica's top shareholder, though it added it did not intend to acquire control or a majority stake.
Masdar M&A talks in Turkey collapse in blow to investment drive.
Renewable energy giant Masdar’s talks to acquire a stake in Turkey’s Fiba Yenilenebilir Enerji have collapsed, in a blow to Ankara’s pursuit of UAE investment , Bloomberg reported.
The talks failed to reach a deal due to disagreements over price.
BP’s interim CEO defends strategy amid US flurry of megadeals.
Oil and gas company BP’s temporary boss gave a robust defense of the company’s strategy, batting away suggestions that he needs to follow the big oil deals done by US competitors Exxon Mobil and Chevron, Bloomberg reported.
“We’re focused really on transition” to net zero emissions. BP’s growth engines will be clean energy “and not the oil and gas side,” Murray Auchincloss, BP Interim CEO.
Peel Hunt said the shrinking UK stock market is in a ‘Doom Loop'.
Britain’s market for small and medium sized stocks is shrinking rapidly, challenging London’s status as a international financial center, according to UK investment bank Peel Hunt, Bloomberg reported.
A lack of IPOs, along with a flurry of takeovers by overseas and private equity firms, mean there are more companies leaving the UK market than joining it. The trend is particularly pronounced for the FTSE Small Cap Index, which Peel Hunt says has lost 10% of its members and 20% of its market capitalization this year.
APAC
Origin Energy's largest shareholder said it plans to vote against a Brookfield-led consortium's $9.78bn takeover offer for the company, casting doubt on the bid's future weeks ahead of a shareholder vote on the deal, Reuters reported.
AustralianSuper, the country's largest pension fund, owns a 13.68% stake in Origin Energy and said the consortium's offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG Global is advised by JP Morgan and FGS Global (led by Kelly Kimberly). Brookfield is advised by Citigroup, Allens and White & Case (led by Christopher Flynn).
Blackstone, Vista Equity to buy software firm Energy Exemplar. (FS)
Blackstone and Vista Equity Partners have agreed to acquire Australia's Energy Exemplar, a provider of energy market software, for more than $1bn, Reuters reported.
The deal represents a bet on energy transition, as power utilities, grid operators and renewable energy developers turn to simulation software to fine-tune use of production capacity and maximize efficiencies.
China's CNOOC, two chemical firms looking at Shell Singapore assets.
At least three Chinese companies including state giant China National Offshore Oil are evaluating Shell's Singapore assets and considering non-binding bids in coming weeks for the city-state's oldest refinery, Reuters reported.
In August that Shell had hired Goldman Sachs to explore a potential sale of its refining and petrochemical plants in Singapore as part of a broader strategic review globally to become a lower-carbon operator.
CIMB, J Trust among suitors for Indonesia's Bank Commonwealth.
Malaysian bank CIMB and Japanese finance company J Trust are among firms vying to buy Indonesia's Bank Commonwealth in a deal that could value the lender at $400-$500m, Reuters reported.
Bank Commonwealth, which is 99% owned by Australia's biggest lender Commonwealth Bank of Australia, focuses on retail lending as well as corporate banking services for small and medium enterprises.
Berkshire Hathaway sells $26m worth of shares in China's BYD. (FS)
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 820.5k Hong Kong-listed shares of electric vehicle maker BYD for $25.6m, Reuters reported.
The sale on October 25 lowered Berkshire's holdings in BYD's issued H-shares to 7.98% from 8.05%.
China slump turns October into the worst month for Asia IPOs since 2019.
IPO proceeds in Asia Pacific slumped to the lowest in at least four years in October, hit mainly by slower capital-raising in mainland China, Bloomberg reported.
Companies and their shareholders across the region raised about $3.89bn through IPOs since the end of September. That’s a drop of 40% versus the same period last year, and the lowest monthly amount since February 2019.
Arnault-backed Singapore SPAC nears merger with Kacific. (FS)
A Singaporean blank-check company backed by asset manager Tikehau Capital and a group of prominent European financiers is nearing an agreement on a merger with satellite internet provider Kacific Broadband Satellites, Bloomberg reported.
A deal between Pegasus Asia and the technology firm may value the combined entity at more than $600m. The potential merger could include a $73m to $110m private investment in public equity, or PIPE, anchored by global institutions.
KKR targeting $2.5bn for second Asia real estate fund. (FS)
KKR is raising a second Asia real estate fund, targeting $2bn to $2.5bn to spend across the region, Bloomberg reported.
The new fund has amassed about $600m since late 2022, and the US investment firm is seeking to finish fundraising by the end of 2024 to early 2025.
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